The petroleum ministry has reportedly turned down Reliance Industries Ltd's (RIL's) request for immediate revision in natural gas price, saying a revision would not be appropriate before April 2014.

Mukesh Ambani-led RIL had sought more than a three-time hike in the price of natural gas being generated from its eastern coast-based KG-D6 field, which is the largest gas field in India.

The observation was conveyed by the petroleum ministry to empowered group of ministers (EGoM) on gas pricing in a "secret" note.

In its proposal to the petroleum ministry, RIL had sought a hike of around $10 in the price of natural gas, from $4.2 a unit to around $14 a unit. The proposed hike would have increased RIL's revenue by $8.5-billion (Rs. 44,200-crore) in the next two years, while also adding additional $1.4 billion (Rs. 7,280 crore) to government's revenue.

But, the ministry said, "The petroleum ministry opines that revision of natural gas pricing is not appropriate before April 2014."

The ministry also said that the price hike would result in massive financial burden on the government.

A spokesperson for RIL declined request for a comment on the report.

Separately, reports are coming that RIL has raised $1.5 billion via an overseas bond sale progamme over the past weekend. Two people familiar with the development said that the corporate giant raised two unsecured syndicated loan - a $1 billion loan with a six-year maturity and a $500 million loan with a 7.25-year maturity. The funds will be used to finance the company's capital expansion programme.